Ledger Nano S Review: Don’t Buy it before reading this!

Ledger Nano S is perhaps one of the most popular hardware wallets in the market, and its only real competition is TREZOR.

As a hardware wallet, you can be assured that there’s no safer means of storing your cryptocurrencies. Hardware wallets are cold storage methods because they’re not connected to the internet. As such, hackers can’t get to your altcoins. Furthermore, you can even hold transactions via hardware wallets, assured that it will go through perfectly, even if the recipient computer is riddled with malware.

Ledger Nano S is furthermore the most robust hardware wallet as it comes packed with several layers of security features.

Ledger Nano is available online for just €79.00. However, before you purchase it, you can read the rest of this review to figure out whether it’s the right option for you.

Ledger Nano S

PART 1: What makes it stand out?

The most unique feature that Ledger Nano S has is that the USB device comes with a little screen. This screen allows you to not only view all the ongoing transactions but also approve of transactions using two buttons on the device. In addition to the OLED screen, Ledger Nano S also stands out amongst the rest for being the most secure hardware wallet in the market.

Other Features:

  1. Supports Multiple Currencies: With Ledger Nano S you can store Bitcoin, Ethereum, Ethereum Classic, Litecoin, Dogecoin, Zcash, Dash, and Stratis.
  2. Recovery Sheet: You get a recovery sheet with the device which you can use to restore your wallet in case there’s some technical issues with the device.
  3. Multipurpose: In addition to being a highly secure wallet, you can also use Ledger Nano S to use apps such as U2F, SSH and others.
  4. Privacy: All the information held in the wallet is encrypted and the company has no access to any of it. Furthermore, it’s decentralized with no connection online, so only you have access to your data.

Price: €79.00

You can BUY IT ONLINE right now to ensure the safety of your altcoins.

Ledger Nano S review

Comparison

Now that you know about the basic features of Ledger Nano S, it’s time to see how it compares to other hardware and online wallets in the market.

In the following table I’ve listed some of the most reputable wallets in the market. You can go through it to figure out whether you want to learn about any of these other wallets. If you want to find out more about Ledger Nano S, we’ve explored its finer features in detail after the table.

WalletReviewTypeSecurityEase of UseCheck Website
Ledger Nano SLedger Nano S ReviewHardware WalletGreatDifficultCheck
TrezorTrezor ReviewHardware WalletGreatAverageCheck
KeepKeyKeepKey ReviewHardware WalletOkayEasyCheck
blockchain.infoBlockchain.info ReviewOnline WalletOkayOkayCheck
CoinomiCoinomi ReviewOnline WalletGoodEasyCheck
XapoXapo ReviewOnline WalletGoodAverageCheck
ExodusExodus ReviewOnline WalletOkayEasyCheck
JaxxJaxx ReviewOnline WalletGoodAverageCheck

PART 2: Security

As mentioned earlier, Ledger Nano S is known for its security features, which are multilayered.

Secure Transactions

One of the most worrisome aspects of holding a wallet is the fear that someone else might conduct transactions through it and drain all your altcoins. However, Ledger Nano S comes with a solution for that. There are are two buttons on the top of your device. You have to press them simultaneously in order to confirm a transaction.

As such, even if a hacker somehow manages to gain access to your wallet, they can’t do anything unless they have access to your physical device as well.

PIN Code Protection

In order to access and set up your Ledger Nano S, you’ll have to create a PIN code. In case your device is stolen by someone, they won’t be able to access it unless they also know the PIN code. Furthermore, if the PIN code is guessed wrong for three consecutive tries, the device will automatically wipe itself clean.

Offline

Like all hardware wallets, Ledger Nano S also stores all your information offline so no hacker can get to it.

Sealed Box

The device comes with an anti-tampering tape to make sure that you receive the device without anyone having physically tampered with it. If the seal seems broken, then you can return the device and get a new one.

Does it lack any Security Feature?

As great as Ledger Nano S is in terms of security, it still lacks one crucial feature. It doesn’t come with passphrase support.

Basically, a passphrase is a feature with which you can add a 12 to 24-word passphrase as a recovery code. As such, if your device is lost or stolen or damaged, you can use the recovery code to restore all the information held in your wallet.

However, while Ledger Nano S doesn’t allow you to create a recover code, you do get assigned a recovery phrase of your own which you can use to restore your data.

PART 3: Why does the Ledger Nano S device come with a screen?

As mentioned previously, the Leader Nano S OLED screen is one of its best features. It helps you in a number of different ways:

  1. When you set up the device, the recovery phrase comes up in the OLED screen. It’s generated offline and never connected online, so it’s completely secure. If something ever happens to your device, use the recovery code to regain access to your wallet.
  2. Finally, the screen flashes all the ongoing transactions. As such, if something you don’t approve is being done, you can see it immediately. Furthermore, transactions can only be successful if you press both the buttons on the device.

PART 4: Is the company reliable?

Ledger Nano S belongs to a French company named “Ledger” which was founded in 2015. Even though it’s one of the more recent companies (TREOR came before at 2014), it has already built a very reputable name for itself in the cryptocurrencies industry.

Furthermore, Ledger uses open source apps which also makes it a highly reliable and transparent company. Developers from around the world can not only inspect their coding for malicious content but also upgrade and develop it further.

Finally, Ledger Nano S also has a stellar reputation for its customer support and stability of use.

PART 5: Getting Started with Ledger Nano S

Setting up Ledger Nano S is extremely easy. All you have to do is follow these steps:

  1. Connect the device to your computer via a micro-USB cable.
  2. Create a 4-digit PIN in the device, using the buttons to navigate the numbers.
  3. In order to select a number, you’ll have to press both buttons simultaneously.
  4. Once the PIN has been set up, the recovery phrase will be revealed to you. As the recovery phrase comes up, you should keep writing it down carefully. Use the buttons to flip between the words being revealed.
  5. The Ledger Nano S device also comes with a recovery sheet in which you can note down the words.
  6. Next, you’ll have to confirm the recovery phrase by confirming two of the number from the seed. The Nano S will ask for specific words based on their positioning, and you’ll have to enter them.
  7. Scroll through all the options in the Ledger Nano S screen, and push both buttons when the ‘B’ comes up.
  8. Finally, a wallet will appear in your Ledger app in Google Chrome. You can receive payments in it.

You can also check the set up video guide below:

FAQs

What will happen if I lose my Ledger Nano S?

You can order a new Ledger Nano S and use your recovery code to regain access to all of your information. You can also choose to switch hardware wallets and use another one, like TREZOR.

How many cryptocurrencies does the Ledger Nano S support?

You can store up to 8 different cryptocurrencies in your Ledger Nano S wallet.

What happens if I forget the Ledger Nano S PIN code?

If you forget your PIN, you can restore your Ledger Nano S to factory settings. You can do this by entering the wrong PIN thrice. Now, you’ll have to set up your hardware wallet again using a new PIN. Furthermore, you can use the 24-word recovery phrase to restore all your previous held information.

Conclusion

As you can see, Ledger Nano S is one of the most secure means of storing a wide range of cryptocurrencies for a long period of time. In addition to being sleek and feature-heavy, it also has the most multilayered security features amongst all the wallets. If you’re concerned about safety, you can’t find a more appropriate purchase than Ledger Nano S.

9.5 Total Score
Amazing!

Ledger Nano S is a hardware wallet and it’s the most secure means of storing a wide range of cryptocurrencies.

Security
10
Ease of Use
10
Support
9
Trust
9
PROS
  • Great security features.
  • Easy recovery.
  • Sleek design.
  • Completely offline.
CONS
  • Need to pay for the device.
User Rating: 5 (1 votes)